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Trump predicts a ‘massive recession’ but intends to eliminate the national debt in 8 years
The Washington Post ^ | April 02, 2016 | Bob Woodward and Robert Costa

Posted on 04/02/2016 4:22:32 PM PDT by Hojczyk

Donald Trump said in an interview that economic conditions are so perilous that the country is headed for a “very massive recession” and that “it’s a terrible time right now” to invest in the stock market, embracing a distinctly gloomy view of the economy that counters mainstream economic forecasts.

The New York billionaire dismissed concern that his comments — which are exceedingly unusual, if not unprecedented, for a major party front-runner — could potentially affect financial markets.

Over the course of the discussion, the candidate made clear that he would govern in the same nontraditional way that he has campaigned, tossing aside decades of American policy and custom in favor of a new, Trumpian approach to the world.

In his first 100 days, Trump said he would cut taxes, “renegotiate trade deals and renegotiate military deals,” including altering the U.S. role in the North Atlantic Treaty Organization.

He insisted that he would be able to get rid of the nation’s more than $19 trillion national debt “over a period of eight years.”

Most economists would consider this impossible because it could require taking more than $2 trillion a year out of the annual $4 trillion budget to pay off holders of the debt.

“I know the Wall Street people probably better than anybody knows them,” said Trump, who has misfired on such predictions in the past. “I don’t need them.”

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Extended News; Politics/Elections; US: District of Columbia; US: New York
KEYWORDS: 1stcanadiansenator; 2016election; abortion; alreadyposted; barrybennett; bobwoodward; chrisjansing; deathpanels; demagogicparty; districtofcolumbia; election2016; energy; globalistcruz; memebuilding; methane; msnbc; newyork; noteligiblecruz; obamacare; obamarecession; obamataxhikes; opec; openboarderscruz; partisanmediashill; partisanmediashills; petroleum; robertcosta; snakeoil; tigermilk; trump; washingtoncompost; washingtonpost; zerocare
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To: boop
What DID we get for all of that money spent?

Screwed.

121 posted on 04/04/2016 6:53:13 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: SJackson

“Recession? Honestly, this is too silly to contemplate.”

Since we’ve been in a depression for years, I guess that’s true.


122 posted on 04/04/2016 8:42:38 AM PDT by dsc (Any attempt to move a government to the left is a crime against humanity.)
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To: Jim from C-Town

“There is no recovery, we are in a sustained depression marked by fits and starts and massive government tinkering.”

Glad to see someone else who doesn’t scoff at the “D” word.

I was beginning to feel like the last survivor of Fort Nowhere.


123 posted on 04/04/2016 8:45:34 AM PDT by dsc (Any attempt to move a government to the left is a crime against humanity.)
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To: dsc

Referring to his plan to eliminate 20 to 28 trillion of national debt in 8 years by cutting spending without touching entitlements, in the face of a massive depression. It is a rather absurd proposal which, if it stays in the news, he’ll explain away he’ll explain away by “explaining” he meant the budget deficit. Which I doubt he do without a recession or without cutting entitlements.


124 posted on 04/04/2016 8:55:42 AM PDT by SJackson (The Pilgrims—Doing the jobs Native Americans wouldn’t do !)
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To: dsc

Also, by accepted definitions of depression, we aren’t in one, in fact haven’t been in almost 80 years.


125 posted on 04/04/2016 8:58:19 AM PDT by SJackson (The Pilgrims—Doing the jobs Native Americans wouldn’t do !)
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To: Kellis91789
The work requirements for Welfare programs is already the law, but Obama waived it with an EO in 2009. Reverse the EO and direct your hand-picked managers to follow the law, cracking down on fraud, etc. All of that is within existing laws with nothing needed from Congress.

That's true, and while it won't eliminate the deficit much less the debt it putting us on the right track. Some states are doing that now, though the Feds are challenging them. I'd rescind the executive order day one. And there are others which could reduce expenditures as well as increase revenues, like his offshore drilling bans and EPA requirements designed to destroy the coal industry. Instead of silly comments about the debt and recessions, without solutions, his advisors should give him a list of ten executive orders like the one you mention to be rescinded day one. With their fiscal economic and employment impact.

126 posted on 04/04/2016 9:03:11 AM PDT by SJackson (The Pilgrims—Doing the jobs Native Americans wouldn’t do !)
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To: SJackson

“Referring to his plan to eliminate 20 to 28 trillion of national debt in 8 years by cutting spending without touching entitlements, in the face of a massive depression.”

Beg pardon? Are you saying we are in a depression?

“Also, by accepted definitions of depression, we aren’t in one, in fact haven’t been in almost 80 years.”

We are fed almost nothing but fraudulent figures. How is unemployment at 5% when almost a third of Americans are out of work?

If we had bread lines instead of those foodstamp cards, it would be easier to see how bad things are.

The middle class has been destroyed.


127 posted on 04/04/2016 9:29:51 AM PDT by dsc (Any attempt to move a government to the left is a crime against humanity.)
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To: SJackson

Dern, you nearly got me. Pretty slick.

AFAIK, Trump didn’t say he was going to “eliminate 20 to 28 trillion of national debt in 8 years by cutting spending without touching entitlements.”

I believe that to be a falsehood.

Trump did say he was going to eliminate $17 trillion of debt by selling government assets.

Sounds good to me.


128 posted on 04/04/2016 9:34:19 AM PDT by dsc (Any attempt to move a government to the left is a crime against humanity.)
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To: ClearCase_guy

Except that cuts that deep may just add full to the recessionary fire.

Sitting down with a few “friends” I was astonished just how many large companies need government money to operate. I am not talking about ripple effects from say, a large number of .gov workers hitting the streets, but direct payments to companies.

It made me realize that we are beyond the point of a recovery. There is so much .gov money propping up banks, firms, and just about everything that the only way to return to reality is a massive crash. No politician will allow that to happen in their term.


129 posted on 04/04/2016 9:41:33 AM PDT by redgolum
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To: Fhios

If you want to start a dark age, go right ahead.

The US military has become the Imperial forces. If we pull back from Japan, China will be running the place in a generation. That would start Russia getting very nervous, and looking to either counter China or expand back into Europe.

Once the Legions leave, the barbarians will come in.


130 posted on 04/04/2016 9:47:35 AM PDT by redgolum
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To: dragnet2

And they would land in the unemployment roles, lose their homes, and drag a lot of small and medium businesses down with them.

We are so screwed.


131 posted on 04/04/2016 9:51:47 AM PDT by redgolum
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To: redgolum

For cripes sake, has that not happened to Middle America for many years now? Are these millions of do nothing bureaucrats banging on keyboards exempt from this? Should we coddle them?

Bull sh*t.


132 posted on 04/04/2016 10:06:15 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: dragnet2

No we should not. But they are something I (and probably you) are not. They are visible to the decision makers.

Conagra pulled out of Omaha. That is causing massive disruptions, but no one cares because it is Omaha. When Northern Virginia goes down, it will be leading the news for weeks.


133 posted on 04/04/2016 10:18:18 AM PDT by redgolum
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To: redgolum

I would eliminate about 500,000 bureaucrat within a week of two of taking office. Like Middle America, I’d tell them we have a new business model for government and it’s going to be streamlined and updated. Tell them they’re dead weight and we simply can’t afford them. End of story. Just like what happens out in the hinterlands, outside of the D.C. magic kingdom.


134 posted on 04/04/2016 10:22:32 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: SJackson

You may not like what Trump is proposing, but Cruz isn’t even talking about the debt.

We are sliding off a fiscal cliff and something needs to be done.

There’s only one candidate willing.


135 posted on 04/04/2016 10:45:57 AM PDT by CottonBall
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To: Kellis91789

Thanks for all your informative posts in the 2 threads about Trump’s plan to reduce the deficit. Then debt.


136 posted on 04/04/2016 10:58:08 AM PDT by CottonBall
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To: redgolum

You are thinking within the framework of the Cold War which is no more.

The two front war the U.S planned for is done for. We didn’t grow weaker. The rest of the world is just catching up in productivity, inventiveness, and economic juggernauts.

Large Navies are closer to obsolescence and we’re in the birth period of mass drone and automated warfare. Without dominant Navies, deployed forces abroad have become vulnerable. Evan conventional Air superiority will move closer to ineffectiveness. Perhaps not close air support for a while, but transport of troops, equipment and resupplies will be in jeopardy.

Military technology and strategic shifts to new technology are moving quite rapidly.

I think Trump is eyeing a Russian American alliance of sort. This is Trumps equivalent of playing the ‘Russian’ card and abandoning Nixon’s China card.

The problem is the globalists and their desire for unfettered immigration from Muslim countries into Europe to homogenize the world -— something China is not going to accept for themselves.

There is so much strategic holes in our current deployment it is time to pull back and consolidate around what we have and what is ours.

Allies will be invited to participate, but I think Trump is going to hold until certain agreements and subordinations are made.

In other words, Nato has died, long live Nato. The new Nato with centralized command under the United States. Will become a quasi nation state.

It’s just a matter of time. We are weakened from 8 years of war, then 8 years of Obama. I would be very surprised if the nuclear forces of the U.S are up to par.

Now, adding in the fact of the economic constraints we’re now facing and will continue to face for at least a generation, it is imperitive that the U.S start strategically withdrawing from places not willing to join and co-fund and participate in similar economic systems.


137 posted on 04/04/2016 11:04:44 AM PDT by Fhios (Going Donald Trump is as close to going John Galt as we'll get.)
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To: dsc
He said that earlier in the year. A bit later he said entitlements would be exempt. He also said he'd save $300 billion a year from medicare drug purchases through making better "deals", his favorite word. Medicare costs a bit under $600 billion a year, drugs are about 11% a year.

I'm sorry, he does say these things. I think he's the probable nominee, it's time to get his ducks I a row. Cut back on blustering campaigning, consults with quality advisors, and presents solutions with defensible rhetoric. The left may no like his solutions, but the facts need to hold up.

As to the asset sales, that came a day or so later, when it was pointed out there was no way to accomplish it. Using that as an example, it's probably undoable by asset sales in that time frame as well. Land and physical asset sales take time, and there will be opposition in Congress. Simply shutting unused military bases and putting them to private use has taken decades. Why not concentrate instead on one asset. The majority of the country is in favor of energy independence. Production in the US eliminates imports improving our trade balance which is a Trump issue, though unspoken. It provides jobs in the US rather than overseas. Doesn't bring any back so that soundbite doesn't work, it creates them. We're estimated to have in the area of $125 to $130 trillion in energy assets. Not the government, the nation, but the government can tap that income stream. I suspect he could make that case. There are other similar opportunities which would be supported by the electorate.

138 posted on 04/04/2016 11:39:21 AM PDT by SJackson (The Pilgrims—Doing the jobs Native Americans wouldn’t do !)
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To: CottonBall
You may not like what Trump is proposing, but Cruz isn’t even talking about the debt.

Not much disagreement about Cruz. I don't dislike as what Trump is "proposing" as I do his continuing stream of unrealistic solutions to legitimate problems, frequently changed within a day or so. You can't assume that will defeat a democrat since voters do notice. Given his lack of longstanding political positions it also makes me wonder about his detailed knowledge and commitment to his "solutions". I would, however, like to see him defeat Hillary, and if he's a disaster, it's only for four years.

139 posted on 04/04/2016 11:43:49 AM PDT by SJackson (The Pilgrims—Doing the jobs Native Americans wouldn’t do !)
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To: SJackson

“He said that earlier in the year. A bit later he said entitlements would be exempt.”

As another poster pointed out, when Donald finds out something that he thought was fine is not so fine after all, he doesn’t waste time in doing the corresponding about-face. Which, since it is not cynical flip-flopping but rather growth, I find admirable.

“He also said he’d save $300 billion a year from medicare drug purchases through making better “deals”, his favorite word. Medicare costs a bit under $600 billion a year, drugs are about 11% a year.”

Come on, do you really think waste, fraud, and abuse accounts for less than half of Medicare spending?


140 posted on 04/04/2016 11:51:58 AM PDT by dsc (Any attempt to move a government to the left is a crime against humanity.)
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